The power tools market is expected to be worth USD 35.58 Billion by 2023, growing at a CAGR of 4.6% between 2017 and 2023.
The constantly growing construction industry in emerging economies, increasing sales of commercial vehicles across the world, and rising demand for cordless tools. However, the high maintenance cost associated with power tools hinders the market growth. The market has been segmented on the basis of mode of operation, tool type, application, and geography.
In 2016, electric tools held the largest share of the overall power tools market. Corded electric tools are wired tools used as handheld tools. Corded tools need a continuous power supply; therefore, they never run out of power, unlike cordless tools. Corded tools offer more torque than cordless fastening tools. The electric tools market is dominated by corded tools. Due to the improvement in batteries due to a strong replacement of Ni-Cd batteries with Li-Ion batteries and increasing adoption of cordless tools help the market for cordless tools to grow at a higher rate.
Drilling and fastening tools held the largest share of the overall market in 2016. Electric drilling and fastening tools are used by professionals as well as DIY consumers, while most pneumatic drilling and fastening tools are used in industrial environments, such as automotive and aerospace manufacturing plants. The increase in the adoption of fastening tools, such as impact tools, screwdrivers, and nutrunners, is due to the continuously growing automotive sales all over the world and the rising installation of wind power plants as these tools are essential elements in automotive assembly and wind turbine installation operations.
The construction industry held the largest share of the power tools market in 2016. The construction industry is the largest shareholder of the market. Power tools play an important role at every stage of the construction activity, including the design, survey, construction, and maintenance phases. They are used for various construction applications such as drilling, driving, demolition, concrete cutting, and polishing. Tools such as impact drills, drivers, and rotary hammers are widely used in construction projects. The growing construction activities in countries such as the US, China, and India, demand technologically advanced and innovative power tools, thereby driving the market growth.
The APAC region is expected to be the fastest-growing region for the market owing to the continuous infrastructural growth in major countries such as China and India, rising automotive sales all over the world, and increasing installation of wind power plants. China is investing heavily in infrastructure development and urban area planning. This investment in construction projects would drive the market. With the growing urbanization in India, there has been a huge demand for power tools for the construction of urban development projects. Moreover, the shipbuilding industry in South Korea, Japan, and China is expected to fuel the growth of the market to a certain extent.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 22.214.171.124 Constantly Growing Construction Industry in Emerging Economies 126.96.36.199 Increasing Global Sales of Commercial Vehicles 188.8.131.52 Rising Adoption of High-Density Lithium-Ion Batteries for Charging Cordless Power Tools 5.2.2 Restraints 184.108.40.206 High Maintenance Cost 220.127.116.11 Comply With Strict Trade Policies and Safety Regulations 5.2.3 Opportunities 18.104.22.168 Focus on Manufacturing Smart Power Tools With Wireless Connectivity 22.214.171.124 Industry 4.0 Creating Opportunities for Assembly Power Tool Providers 5.2.4 Challenges 126.96.36.199 Manufacturing Ergonomic and Lightweight Power Tools
6 Industry Trends 6.1 Introduction 6.2 Value Chain Analysis 6.2.1 Research and Development (R&D) 6.2.2 Component Suppliers 6.2.3 Power Tool Manufacturers 6.2.4 Distributors and Retailers 6.2.5 End Users 6.2.6 Post-Sales Services 6.3 Key Trends in the Power Tools Market 6.3.1 Connected Assembly Power Tools 6.3.2 Brushless Dc Motors (Bldc) 6.3.3 High-Density Lithium-Ion (Li-Ion) Batteries 6.3.4 Wireless Charging Technology
7 Power Tools Market, By Mode of Operation 7.1 Introduction 7.2 Electric 7.2.1 Corded Tools 7.2.2 Cordless Tools 7.3 Pneumatic 7.4 Other Tools
8 Power Tools Market, By Tool Type 8.1 Introduction 8.2 Drilling and Fastening/Driving Tools 8.2.1 Drills 8.2.2 Impact Drivers 8.2.3 Impact Wrenches 8.2.4 Screwdrivers and Nutrunners 8.3 Demolition Tools 8.3.1 Rotary Hammers/Hammer Drills/Demolition Hammers 8.4 Sawing and Cutting Tools 8.4.1 Jigsaws 8.4.2 Reciprocating Saws 8.4.3 Circular Saws 8.4.4 Band Saws 8.4.5 Shears and Nibblers 8.5 Material Removal Tools 8.5.1 Sanders/Polishers/Buffers 8.5.2 Grinders 188.8.131.52 Angle Grinders 184.108.40.206 Die Grinders 220.127.116.11 Straight Grinders 8.6 Routing Tools 8.6.1 Routers/Planers/Joiners 18.104.22.168 Palm Routers 22.214.171.124 Laminate Trimmers 8.7 Others
9 Power Tools Market, By Application 9.1 Introduction 9.2 Industrial/Professional 9.2.1 Construction 9.2.2 Automotive 9.2.3 Aerospace 9.2.4 Energy 9.2.5 Shipbuilding 9.2.6 Other Industries 9.3 Residential/Diy